Bounce Back Loan Fraud Snatch Squads

I do so love a bit of excitement, and yesterday BBC News did a piece on Bounce Back Loan fraud and enlightened us all on how the National Investigation Service working with the Police are sending out snatch squads to kick in doors or bash them down on the hunt for ne’er do well’s that have scammed the Bounce Back Loan scheme.

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All terribly exciting stuff, but report a gang of armed burglars invading your home and you will be lucky if you get a response from the police, but hey ho, squads of officers are now roaming the streets looking for those who have bagged a loan they should not have done.

So, what exactly is going on with these “snatch squads”, well from the report which you can see in the video below, they appear to be going after those who have purchased an off the shelf LTD company with the aim of bagging a BBL, as that does not “fit in with the spirit of the scheme”.

What amazes me is that I do recall one person, someone with an CBE no less, talking on the radio not that along ago saying that they knew of someone who set up or has 50+ LTD’s (words to that effect) and got a BBL for each of them, and seemed quite amused by that fact, in fact their organisation is promoted by the website!

You couldn’t make it up.

Anyway, if you have a BBL and obtained it legally you have nothing to fear and watching the report it appears the bank being targeted is Starling Bank.

Those who did scam the scheme and set out to do so deserve all they have coming to them, I just wish the powers that be would also concentrate their efforts on helping those that still cannot get a Bounce Back Loan or their top ups processed yet.

See what you make of the report by watching it below: